For a long time, it seemed as if Belgium was the cuckoo in the nest of the European Union: the state that could muster neither a hard core of cohesive national pride like most of its neighbours, nor the will to split apart, as the Czechs and the Slovaks did. But as the financial crisis has devolved into the euro crisis, it is becoming clear Belgium is actually emblematic of the EU, as a polity of diverse groups of people bound together by history, law, politics, common sense and mutual need – who fundamentally do not like each other.

The euro crisis can be seen either as an economic problem with geopolitical implications, or else as a geopolitical problem with economic consequences. On the whole, politicians and commentators have stuck firmly with the former interpretation – which is hardly surprising since they have largely been quoting economists. It is also easier to believe the problem is just a matter of austerity measures, shock-and-awe bailout packages, and market turbulence. However, such a view is narrow, and possibly irrelevant in the face of the opposite reality: even if you balance the euro books by some miracle, or else create a mechanism for throwing out Greece and other offenders on fiscal probity, the geopolitical fundamentals will not disappear.

As I pointed out some weeks ago, Greece was taken into the then European Community before it was ready for membership for purely political reasons, which all remain relevant: it still has an unstable relationship with Turkey, verging on dismal; both states still have stakes in opposing sides in Cyprus, and show little inclination to change their attitude too much – though Turkey has made some interesting suggestions lately, which Greece has yet to respond to; and the historic cultural ties between Russia and Greece – founded on their shared Orthodox religion – could easily mean that a broke and lonesome Greece, cast adrift from the euro, would accept any succour Russia had to offer. And to be clear: if the situation arose, Russia would be happy to give Greece any money it also doesn't have – being even more broke than Greece – just in order to drive a strong political wedge into the EU.

So while Ms Merkel attempts to renationalise the German euro by banning naked short-selling – a near meaningless gesture given most of trading is done outside Germany – and demand new treaties to enforce fiscal discipline, the fact remains she is stuck with Greece and all the southern euro states that have become her bane. It is fair to say that the sour sentiments are becoming mutual, though Greece and Co are slightly more circumspect about voicing their increasing dislike of Germany – given that it is still actually solvent, and necessary for their future.

A well-placed Belgian recently noted with an ironic smile that Belgian politics are a lesson in futility: the truth is, he said, the sides would have to find a solution for all the same problems if the state split apart as it will if it stays together. It is just that the politicians are incapable of doing either.